Tuesday, November 8 2011 18:40

ARARATBANK intends to complete the year 2011 with over 2 bln AMD net profit


Arminfo. ARARATBANK intends to complete the year 2011 with over 2 bln AMD net profit, Executive Director of ARARATBANK Ashot Osipyan said at today's press conference when replying to an ArmInfo correspondent's question.

He said that over Jan-Sept 2011 the Bank ensured a net profit of 1.718 bln AMD. "It is by 30% higher than in 2010 (1.274 bln AMD)", Osipyan said. He added that since early 2011 the credit portfolio of the Bank has grown by 38.7% and exceeded 36 bln AMD, in which the lion's share of loans falls on small and medium enterprises (over 20 bln AMD). Osipyan stressed that at present the ROE of the Bank is quite high - 20.6%.

"Despite the crisis waves, since 2008 ARARATBANK has annually ensured 45% average annual growth in the main indices. Over Jan-Sept 2011 the Bank gained serious financial success thanks to the constant dynamics of development", he said. Osipyan added that over 3 quarters of 2011, the Bank increased the number of the issued cards by 44.25% (over 85 thsd card), and the number of customers - by 38.5%.

The majority shareholders of ARARATBANK are Flash oil trader (Armenia) with 74.1% and the EBRD with 25%+1 share.
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